WebMoney
A Russian-origin electronic payment and online settlement system built around asset-backed digital purses.
Last updated August 22, 2026
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Overview
WebMoney is an electronic payment and settlement system established in Russia in 1998. It enables users to hold digital units in separate purses, send peer-to-peer payments, pay merchants, and use escrow-style transaction arrangements. Unlike a conventional single-currency wallet, the system organizes funds through units linked to underlying assets, such as national currencies. Those assets are held by independent guarantor organizations that accept deposits and issue the corresponding WebMoney units. This structure has allowed WebMoney to support multiple asset-denominated purses within one account while separating the technical payment platform from the entities responsible for the underlying reserves. The service emerged during the economic disruption that followed the 1998 Russian financial crisis, when the United States dollar became more widely used in Russia. Its early role was therefore connected to online dollar transfers and internet commerce, but the platform later expanded into ruble and other currency-related services. WebMoney Transfer developed a broad ecosystem for consumers, freelancers, online merchants, and digital businesses. Users could make direct transfers, settle purchases, and use escrow mechanisms intended to reduce counterparty risk in online transactions. The system charged a transaction fee generally described as 0.8 percent of the transferred amount, subject to a maximum fee of €50. WebMoney Keeper served as the principal user interface for the platform. Versions were made available for Windows, Windows Phone, Android, iOS, and BlackBerry, with the product family providing access to purses, transfers, merchant payments, and account-management functions. The platform also added identity and payment features over time, including video identification for customers in 2019 and QR-code acceptance for restaurants and shops. In Russia, WebMoney was integrated with Sberbank's instant-transfer ecosystem in 2019, allowing transfers between Sberbank cards and WebMoney purses using a linked telephone number. Burger King Russia also worked with WebMoney Transfer on QR-code payments. WebMoney's principal market has been Russia and the wider Commonwealth of Independent States, although its technical and corporate structure has supported cross-border activity. The system reported 45 million registered accounts and approximately 300,000 weekly active users in early 2020, alongside roughly 100,000 accepting stores. These figures were company-reported and distinguished registered accounts from regularly active users. The brand has also faced regulatory and operational challenges. WebMoney Europe Ltd received authorization from the United Kingdom's Financial Conduct Authority in 2015 to issue electronic money in the European Economic Area, but its agreements with holders of euro purses were terminated at the beginning of 2021 in the context of Brexit. In Ukraine, authorities in 2013 seized equipment and froze funds connected with the local guarantor, citing licensing, operational, money-laundering, and tax-compliance concerns; transactions resumed the following week. The Ukrainian payment-system registration was later abolished in 2018 after the entity was placed under sanctions. In Russia, the revocation of KKB Bank's license in February 2022 affected the guarantor and settlement bank for ruble purses and resulted in the freezing of WebMoney-related funds held at the bank. These events illustrate the importance of local guarantors, banking partners, and regulatory permissions to WebMoney's operating model.
History
WebMoney was established in Russia in November 1998, in the aftermath of the Russian financial crisis. The initial service was designed for transfers denominated in United States dollars, which had become more prominent in Russian economic life during the crisis. From this starting point, WebMoney developed into a broader electronic settlement network for online payments, person-to-person transfers, and internet commerce. The system's architecture differs from a conventional bank account or unified e-money wallet. A user's funds are held in digital purses, with each purse representing an underlying asset. The relevant asset is deposited with a guarantor organization, which then issues the corresponding WebMoney units. A network of guarantors handles different assets and currencies, while the WebMoney Transfer infrastructure provides account access, messaging, transfers, settlement tools, and merchant functionality. This model allowed users to maintain multiple purses and transact through one technical environment, while making the availability and regulation of each asset dependent on its guarantor and banking relationships. WebMoney expanded beyond simple transfers by adding escrow arrangements and merchant-payment capabilities. The system became especially associated with Russia, the CIS, online businesses, freelancers, and cross-border internet transactions. Its main software interface, WebMoney Keeper, was distributed for Windows and later for mobile and other platforms, including Windows Phone, Android, iOS, and BlackBerry. A security controversy accompanied an earlier Windows version: in 2006, security researcher Kris Kaspersky criticized WebMoney Keeper Classic for installing a low-level device driver and accessing hardware and disk functions directly rather than relying solely on standard operating-system interfaces. The company continued to develop local and international infrastructure. In 2015, WebMoney Europe Ltd, located in Cambridge, received a UK Financial Conduct Authority license to issue electronic money within the European Economic Area. That European arrangement was later curtailed: on 1 January 2021, the company ended its agreements with all WebMoney euro-wallet holders in the context of Brexit and its regulatory consequences. During 2019, the system added or promoted several forms of integration. WebMoney introduced video identification for customers, reflecting the increasing importance of remote verification in digital payments. Sberbank said that WebMoney had joined its instant-transfer ecosystem, allowing movement of funds between Sberbank cards and WebMoney purses through a linked phone number. WebMoney also supported QR-code acceptance at restaurants and shops, and Burger King Russia became a named commercial partner for this payment method. Ukraine became a significant regulatory test for the platform. In June 2013, Ukrainian authorities seized equipment from the local guarantor and froze approximately ₴60 million held in related accounts. The Ministry of Revenues and Duties alleged major irregularities and described the system as unlicensed and potentially connected with money laundering and tax evasion; the National Bank of Ukraine also stated that WebMoney lacked the required operating license. Transactions resumed the following week, and a court decision in March 2015 resulted in the release of the guarantor's accounts. Cooperation with Ukrainian financial institutions followed later in 2015. In May 2018, however, the National Bank of Ukraine abolished the registration of the domestic WebMoney.UA payment system after the entity was included on the sanctions list of Ukraine's National Security and Defense Council. In Russia, the platform's dependence on local guarantors and settlement banks became visible again in February 2022. The Central Bank of Russia revoked KKB Bank JSC's license. KKB had served as guarantor and settlement bank for WebMoney's Russian ruble purses, and the revocation led to the freezing of WebMoney-related funds held at the bank. The episode demonstrated that WebMoney's practical continuity depends not only on its software and user network but also on the legal status and solvency of the institutions supporting each underlying asset. By early 2020, WebMoney reported 45 million registered accounts, approximately 300,000 active weekly users, and around 100,000 stores accepting payments. The figures indicate a substantial historical footprint, although registered accounts and active users represent different measures of reach. WebMoney remains principally identified with electronic money, online settlement, and payment services in Russia and neighboring markets.
- 2022
KKB Bank license revocation disrupts ruble-purse support
[1]The Russian central bank revokes KKB Bank's license, affecting the guarantor and settlement-bank arrangements supporting Russian ruble purses.
- 2021
Euro-purse agreements end after Brexit
[1]WebMoney Europe terminates agreements with euro-wallet holders on 1 January following Brexit-related regulatory changes.
- 2019
Video identification and payment integrations expand
[1]WebMoney introduces video identification, joins an instant-transfer arrangement with Sberbank, and develops QR-code payment acceptance with merchants including Burger King Russia.
- 2015
WebMoney Europe receives EEA e-money authorization
[1]WebMoney Europe Ltd receives a UK FCA license to issue electronic money in the European Economic Area.
- 2013
Ukrainian authorities block local WebMoney activity
[1]Equipment linked to the Ukrainian guarantor was seized and related funds were frozen amid licensing and alleged financial-compliance concerns.
- 2006
Security criticism of WebMoney Keeper Classic
[1]Security researcher Kris Kaspersky publicly criticized the Windows version's use of a low-level device driver and direct hardware and disk access.
- 1998
WebMoney is established in Russia
[1]The payment and settlement system is founded in November amid the economic disruption following Russia's 1998 financial crisis, initially supporting United States dollar transfers.
Products and positioning
A multi-asset online payment and settlement platform focused historically on Russia, the CIS, internet commerce, and cross-border digital transactions.
Payment and settlement network · 1998
WebMoney Transfer
The core WebMoney network supports transfers between users, merchant payments, online settlement, and escrow-style transactions. Its fee structure has been described as 0.8 percent of the transaction amount, with a maximum charge of €50. The service operates through asset-specific purses rather than a single undifferentiated balance, with guarantors responsible for the underlying assets.
Payment application
WebMoney Keeper
WebMoney Keeper is the application family used to access WebMoney purses and payment functions. Versions have been offered for Microsoft Windows, Windows Phone, Android, iOS, and BlackBerry. The software has supported balance management, transfers, merchant payments, and account functions. An earlier Windows edition, Keeper Classic, drew security criticism in 2006 over its low-level driver and direct hardware-access behavior.
Electronic-money wallet · 1998
WebMoney purses
Purses are digital containers for WebMoney units associated with underlying assets such as currencies. The assets are held by separate guarantor companies, which issue the corresponding units within the WebMoney environment. This arrangement lets users maintain different asset-denominated balances and use them for transfers or payments, while making each purse dependent on the applicable guarantor and settlement infrastructure.
Merchant payment acceptance · 2019
WebMoney QR payments
WebMoney's QR-payment solution allows a restaurant or shop to display a code at the checkout. A customer scans the code with a compatible WebMoney application and confirms the transaction. The system was promoted for physical retail and food-service use and was adopted in a partnership with Burger King Russia.
Controversies
2018
WebMoney.UA registration is abolished
The National Bank of Ukraine abolished registration of the domestic WebMoney.UA payment system after the associated entity was placed on the sanctions list of Ukraine's National Security and Defense Council.
2013
Ukrainian investigation and freezing of guarantor funds
Ukrainian authorities seized equipment from the local guarantor and froze approximately ₴60 million in related funds. Officials alleged operational irregularities, lack of authorization, and possible money-laundering and tax-evasion risks. Transactions resumed the next week, and a later court ruling released the bank accounts.
Marketing campaigns
- 2019Burger King Russia QR-payment partnership
Russia
WebMoney Transfer partnered with Burger King Russia to support customer payments by scanning QR codes displayed at restaurant checkouts.
Outcome. The partnership provided a visible retail use case for WebMoney's QR-payment capability; broader commercial results were not specified in the available reference material.
Brand decisions
2022
Respond to the KKB Bank license revocationOtherBackground
KKB Bank served as the guarantor and settlement bank for WebMoney's Russian ruble purses.
Action taken
Following the Central Bank of Russia's revocation of KKB Bank's license, funds connected with WebMoney ruble purses were frozen on KKB accounts.
Aftermath
The event exposed the operational dependence of WebMoney's ruble service on its local banking and guarantor infrastructure.
2019
Add video identification for customersProduct launchBackground
Remote identity verification became an increasingly important requirement for digital payment services.
Action taken
WebMoney introduced a video-identification system for customers.
Aftermath
The available reference material does not provide adoption or financial results.
2019
Expand QR-code merchant paymentsProduct launchBackground
WebMoney sought to extend its online payment network into restaurants and physical retail.
Action taken
The system offered QR-code payment acceptance and partnered with Burger King Russia.
Aftermath
The partnership established a retail payment use case, but no further performance data is given in the sources.
2015
Pursue regulated European e-money issuanceStrategyBackground
WebMoney sought a regulated presence for electronic-money issuance in the European Economic Area through WebMoney Europe Ltd.
Action taken
WebMoney Europe Ltd obtained a UK Financial Conduct Authority license in November 2015.
Aftermath
The arrangement was later ended for euro-purse holders on 1 January 2021 in connection with Brexit-related regulatory changes.
Recent events
- 2022
KKB Bank license revocation affects Russian ruble purses[1]
Regulation · Other
The Central Bank of Russia revoked the license of KKB Bank JSC, identified as the guarantor and settlement bank for WebMoney's Russian ruble purses. Funds connected with the purses were frozen on KKB's accounts.
- 2021
WebMoney terminates euro-purse agreements after Brexit[1]
Regulation
WebMoney Europe terminated its agreements with holders of WebMoney euro purses on 1 January 2021 in connection with the regulatory consequences of Brexit.
- 2020
WebMoney reports large registered-account base[1]
Other
WebMoney reported approximately 45 million registered accounts, around 300,000 weekly active users, and about 100,000 stores accepting payments through the system in early 2020.
- 2019
WebMoney introduces customer video identification[1]
Product launch · Regulation
The international settlement system introduced a video-identification process for customers as part of its account-verification and compliance functionality.
- 2019
WebMoney joins Sberbank instant-transfer ecosystem[1]
M&A · Product launch
Sberbank reported that WebMoney had joined its instant-transfer ecosystem, enabling transfers between Sberbank cards and WebMoney purses through a telephone number associated with the relevant account.
- 2019
Burger King Russia adopts WebMoney QR-code payments[1]
Campaign · Product launch
Burger King Russia partnered with WebMoney Transfer to support QR-code payments in restaurants. Customers could scan a code displayed at the checkout and confirm payment through the service.
- 2015
WebMoney Europe receives FCA authorization for EEA electronic-money issuance[1]
Regulation
WebMoney Europe Ltd, based in Cambridge, was granted authorization by the United Kingdom Financial Conduct Authority to issue electronic money within the European Economic Area.
- 2015
Ukrainian court releases guarantor bank accounts[1]
Regulation · Other
A court ruling led to the release of bank accounts belonging to WebMoney's Ukrainian guarantor. Later that year, the National Bank of Ukraine and the State Savings Bank of Ukraine entered into cooperation related to WebMoney.UA.
Sources1 sources
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